Net Zero by 2070

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India needs to mobilise approximately $22 trillion (≈ $500 billion annually) to achieve its Net Zero emissions target by 2070, as estimates cited at Climate Week discussions involving GEAPP

Description:

Key Terms:

  • Net Zero – Achieving a balance between greenhouse gas (GHG) emissions produced and emissions removed from the atmosphere.
  • Multilateral Development Banks (MDBs) – International financial institutions (e.g., World Bank, ADB) that provide financial and technical assistance to developing countries.

India’s Net Zero Commitment:

  • Announced at COP26 (Glasgow, 2021).
  • Target Year: 2070.
  • Part of India’s Long-Term Low Emission Development Strategy (LT-LEDS).

Panchamrit Commitments (COP26):

  1. 500 GW non-fossil fuel energy capacity by 2030.
  2. 50% energy requirement from renewables by 2030.
  3. Reduction of projected carbon emissions by 1 billion tonnes by 2030.
  4. Reduce carbon intensity of GDP by 45% (from 2005 levels) by 2030.
  5. Net Zero by 2070.

Global Energy Alliance for People and Planet (GEAPP):

  • Multi-stakeholder alliance of philanthropy institutions, governments, technology and financial partners.
  • Mission: Accelerate clean energy transition and universal energy access while supporting global climate goals.
  • Targets: Avoid 4 Gigaton future emissions, expand clean energy access to 1 billion people, and create 150 million jobs.

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